Smart Ways to Save Money and Improve Financial Stability

Many people seek to put some money aside every month. This would be to buy that one item they have always wanted, an attempt to facilitate a certain goal that demands financial input such as a vacation or just for the sake of gaining financial stability and thus a secure future.

Saving money is without doubt a positive thing that comes with several benefits on the saver. For instance, financial security through saving ensures that both our primary and secondary needs are catered for now and even in the future without much strain on us. Regardless of the amount of one’s income or the source, one should be able to set aside some savings from their income, no matter how little.

Even though everyone acknowledges the essence of having money saved from their income, the real challenge comes in the actual implementation of saving. Everyone is naturally inclined to use money at hand as soon as they have received it since individual demand generally outdoes supply for everyone. No wonder so many people have credit card debts and unpaid loans.

It is not that taking a loan is a bad thing; however, it is wise to take a loan for money-generating purposes only. Applying for loans to handle personal financial problems such as bills can dig you into a financial hole. There are many tips and avenues that you can access resources as well as actual sales online.

This, therefore, renders saving money more of a discipline that an inborn activity. Thankfully, it is also a skill that you can learn, if you put some focus and will into it. Below we take a look at 5 ways you can save money and improve your financial narrative.

Avoid unnecessary purchases

Most people will agree that too often they go into the store to buy a simple item, say a notebook, but they also come out with a magazine, a box of biscuits and the new video game that was displayed on the stand.

All very enticing, right? Well, if your answer was yes, then that is some real bad news since it will be impossible for you to save money with such a habit. This is a small scale example, but another scenario is where you choose to buy a second car just because it is what is trending in the market, forgetting that your current car, which is what you can afford, serves you fine, gets you safely to work, and brings you back just fine.

The advantage of opting to save money in place of spending it impulsively is that with a good strategy, you could get the same car or even a better one. The only difference is that this time, there will be no financial strain on you that may lead you to taking bad debts.

Make use of customer rewards and offers

It is September, you want to get this new fridge, but the black Friday offer comes in November and it will be going for half its current price. Why not test your patience and wait? This way you will have more money to save and keep it for the future or use it to supplement your savings for that other project.

Most stores also have redeemable card points a user earns every time they shop at any of the store’s outlets. To be able to save money, you should take advantage of this and carry your card with you every time you leave the house because there is always a chance you will need to drop by the store.

Garner such points and you will be able to use them in due time and save money that you would have otherwise spent. In the long-term, you will be surprised at just how much you would have saved.

Have a priority list

Could buying a car perhaps wait till you had paid your tuition fees? Catering for a more primary need before spending on a not-so-necessary need will help you not run into financial trouble and therefore help you to stably save for the need.

Lack of priorities may run you into debt or realistic loans. If a need could wait, then clear up the urgent ones then wisely set aside money on a regular to help facilitate the secondary needs. This will lead to your long term financial stability and in turn is of great advantage to you.

It will call for diligence on the side of the user. Using money on trivial needs always seems fulfilling but it without doubt is of great disadvantage to one’s financial present and future time. On the contrary, one can save money by handling only that which they can afford currently.

Always go for worthy and cheaper alternatives to what we want to spend on

You could repair or add some flare to that torn pair of jeans instead of buying new ones to serve the same purpose. More often that not, alternatives to costly spending are available. Take time and do market research before purchasing something, it will be worth it to save that extra coin.

Besides online stores, one could go and compare the different prices of the same item that different supermarkets are offering it for. This could actually help you make a more money saving decision. This habit is applicable both in large and small size purchases.

In addition, there are different online stores that now offer quality second-hand goods. Different brands could also have the same product going for different prices yet the quality is the same. One should definitely go for such and in turn save the excess money for another project on the priority list.

Do away with any excess liability or extras

We all have extra things that would do much more good than just lie there useless or exploit us of our money. It could be that your house has way more furniture than is needed, or your closet is stuffed with so many clothes, you have not seen nor touched some in years. You could put these extras up in a yard sale or an online shop. The money you get from these extras could be saved up and lead you to more financial stability.

Parting shot

In conclusion, saving money can be attained from different angles. One just needs to be keen on how they spend and take initiative to cultivate money saving habits. For example, a lot of us have the habit of hoarding an item or service that is more of a liability than an asset to us. Maybe the cleaning agency you subscribe to is way costly than is necessary. You could do some of the chores and have a help do the rest and in turn save money out of it.

As you make purchases of anything, say a car or an electrical appliance, choose one whose fuel consumption is friendly for the long-term good of your pocket’s stability.

About The Author

Chris

I have been writing articles about personal finance since we started MoneyHighStreet.com in 2006. In that time, I have been fortunate to have had a regular broadcasting spot on BBC Radio Essex and have also appeared on BBC Rip Off Britain and ITN.
With a family comprising two teenagers, a wife and a bouncy black labrador, getting the finances right is clearly important. It's a privilege to share our tips and experiences to help you manage your money just that bit better.